Shopoff Realty Investments Acquires Former Sears Building for $46.3 Million
Shopoff realty Investments acquire 14.1-acre parcel of Westminster Mall, in Westminster, California, which includes a now-vacant former Sears store. The property was purchased for $46.3 million from Seritage Growth Properties.
Mavik Capital Management, an opportunistic investment firm, provided $20 million in strategic financing in connection with the acquisition. Hankey Capital, a bridge lender based in Los Angeles, provided senior financing for the initial acquisition for the planned redevelopment of this portion of the Westminster Mall. Mark Strauss and Rob Quarton with Walker & Dunlop’s Irvine office procured the senior debt on behalf of the sponsorship.
“As the owners of various retail and commercial properties across the country, being able to purchase a portion of the iconic Westminster Mall is an exciting opportunity for our firm,” explained Shopoff President and CEO William Shopoff. “We look forward to working with the City of Westminster to determine the future of this fantastic property, and ultimately breathing new life into the property for the City and its residents.”
The Westminster Mall houses approximately 1.3 million square feet of retail on approximately 90 acres, anchored by Target, JCPenny and Macy’s. The acquisition of the former Sears portion of the property, represents a unique opportunity to acquire a significant site in a high-barrier-to-entry market in coastal Orange County, California.
The site features direct freeway access to I-405 and is located in a central area of the county, surrounded by various residential development that provides a steady customer base for the property. It is also only a 15-minute drive from Huntington State Beach, 7.5 miles from Knotts Berry Farm, 12 miles from the Irvine Business Complex and less than 13 miles from the Port of Long Beach.
